The Awka Chambers of Commerce and Industry, Mines and Agriculture (AwkaCCIMA) has decried the lack of access to foreign raw material inputs, a consequence of high cost of foreign exchange (Forex).
Chief Felly-Zontal Akosa, the President of the chambers expressed the concern in an interview with the News Agency of Nigeria (NAN) in Awka, Wednesday, where he said that the difficulties associated with procuring foreign raw materials without local substitute were negatively affecting business, resulting in the shutdown of some outfits.
According to him, firms that depended largely on local raw materials were also having problems with the importation of machines and processing equipment.
Akosa, therefore called on the Central Bank of Nigeria (CBN) to ease the forex environment to enable businesses have increased access to forex, so as to enable them to remain in business.
Akosa, blaming the increased social disorderliness among the youths on unemployment and poverty, said the Organised Private Sector (OPS) if enabled could absorb a large number of unemployed youths.
The chambers’ boss called for special protection for investors by the Federal Government and monetary authorities through the creation of subsidy for them on forex.
“Scarcity and high cost of foreign exchange is killing the business because we can’t import raw materials that we use and even those that depend on local materials, they can’t import the machines.
“They have the subsidy for some people who use FOREX but these people are not in business, they should subsidise us too because we are major users and ours go into the economy directly,” he said. (NAN)
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